Northern Michigan Property & Casualty Insurance
Purchasers of property should research insurance for the property they are buying
during the contingency period. It is common practice with insurance agencies to require a C.L.U.E. (comprehensive loss underwriting report) when they quote and offer to insure a property. The C.L.U.E. report may report losses that may have ocurred over the past 5 years. This could be of benefit to you as a buyer to help you determine if you want to purchase the property if there were claims for fire, water, wind, tree or other kinds of damage claims.
The last thing you want to have happen just before you are ready to close is that the insurance company you thought would insure the property will not because of past problems that were discovered on a C.L.U.E. report. Get the report as soon as you can and save yourself a potential disappointment.
Disclaimer: Information contained herein is the opinion of Ken Carlson and should be independently verified by purchasers of insurance and their insurance agency.
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